The Foundation is securing new funding in sub-Saharan Africa

©FGCA/Didier Gentilhomme

During the last half of 2020, the Grameen Crédit Agricole Foundation carried out 3 new financings in sub-Saharan Africa, notably in Benin and Malawi, which are in addition to the two loans granted in Zambia to MLF Zambia And EFC Zambia.

In Benin, the Foundation granted a new loan to the microfinance institution ACFB for an amount in local currency equivalent to 305,000 euros. ACFB, a partner of the Foundation since 2017, offers a diverse range of financial and non-financial services adapted to the needs of marginalized populations excluded from the traditional financial system. ACFB is a leading institution in promoting women's empowerment and microenterprise development. To date, the institution has more than 32,000 active clients, including 88% women and 95% living in rural areas.

Still in Benin, the Foundation granted a new loan to the microfinance institution COMUBA for an amount in local currency equivalent to 500,000 euros. COMUBA was created in 2000 and offers financial and non-financial services, particularly through group loans. A partner of the Foundation since 2015, the institution has approximately 32,000 active clients, including 90% women.

Similarly, the Grameen Crédit Agricole Foundation granted a new loan to the microfinance institution MLF Malawi, for an amount in local currency equivalent to 284,000 euros. Founded in 2002, MLF has nearly 30,000 active clients, exclusively women living in rural areas. The institution offers a wide range of products designed to support agriculture and the development of small businesses.

This new funding was granted as part of the African Facility program launched in 2013 in partnership with the French Development Agency (AFD) and bring the total number of partners in Sub-Saharan Africa to 40, representing 39% of the Foundation's outstanding funds at the end of December 2020.

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